Team, Inc. (NYSE:TISI) ("TEAM" or the "Company"), a global leading provider of integrated, digitally-enabled asset performance assurance and optimization solutions, today announced a correction of its prior press releases "Team, Inc. Announces One-For-Ten Reverse Stock Split" issued on December 9, 2022, and its later press release "Team, Inc. Completes One-For-Ten Reverse Stock Split" issued on December 21, 2022. Each press release incorrectly stated that each stockholder that otherwise would receive fractional shares would receive, in lieu of such fractional shares, cash in an amount determined on the basis of the closing price of the Common Stock on the NYSE on December 21, 2022. However, as approved by the Company's stockholders on November 8, 2022 and consistent with the Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company filed with the Delaware Secretary of State on December 21, 2022, each stockholder that otherwise would receive fractional shares will receive, in lieu of such fractional shares, cash in an amount equal to the proceeds attributable to the sale of such fractional interest following the aggregation and sale by Team's transfer agent of all fractional shares otherwise issuable.
Other than this correction to each press release, there are no other changes to the press releases.